Friday, July 19, 2024

India Rises as Third-Largest Smartphone Exporter to the US with $3.53 Billion Surge in FY24

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India’s Smartphone Exports to the US Surge to $3.53 Billion in April-December FY24

India has witnessed a remarkable surge in its smartphone exports to the United States, with figures reaching $3.53 billion during April to December of the current fiscal year. This significant growth from $998 million in the corresponding period last year underscores the expanding footprint of Indian smartphones in the global market. The data, sourced from the commerce ministry, reveals an encouraging trend of increase in the smartphones’ market share to 7.76% during the nine-month period of this fiscal year, up from 2% in the same period of the previous year.

This leap in exports propels India into the position of the third-largest smartphone exporter to the US, showcasing the country’s growing prowess in the technology export sector. Officials attribute this success to an uptick in overall smartphone production within the country, which has concurrently seen a reduction in the market shares of traditional leaders like China and Vietnam in the US market.

Analysis of the US smartphone imports from the top five suppliers shows a decrease to $45.1 billion during April to December from $49.1 billion in the previous fiscal year. Notably, China’s exports to the US market diminished to $35.1 billion from $38.26 billion last year. Similarly, Vietnam saw its shipments drop to $5.47 billion from $9.36 billion in the same period of the prior year. Among the other major smartphone exporters to the US, South Korea charted an increase in its exports to America, touching $858 million up from $432 million. However, Hong Kong witnessed a decline in its exports to $112 million from $132 million in April-December 2022-23.

The entry of smartphones into India’s export basket marked a significant turning point in the fiscal year 2022-23, with shipments valued at $10.95 billion. This trend has continued into the current fiscal year, with exports already reaching $10.5 billion in just the first nine months.

India’s ascending trajectory in smartphone exports has been further bolstered by the introduction of the Product Linked Incentives (PLI) scheme, coupled with the entry of major players like the US-based iPhone maker Apple into domestic manufacturing. These developments have been instrumental in positioning India as a major production hub for smartphones, not just catering to domestic demand but increasingly serving global markets, particularly the US. With the strategic push towards enhancing manufacturing capabilities and boosting exports, India is set to solidify its status in the global smartphone industry.

The unprecedented growth of India’s smartphone exports to the United States not only underscores the country’s manufacturing capabilities but also reflects the broader ambition of diversifying its export markets. As the global smartphone landscape continues to evolve, the rise of India as a key player heralds a new era in technology production and trade dynamics.

Jordan Clark
Jordan Clarkhttps://www.businessorbital.com/
Jordan Clark brings a dynamic and investigative approach to business reporting. Holding a degree in Business Administration and a certification in Data Analysis, Jordan has an eye for detail and a knack for uncovering the stories behind the numbers. His career began in the bustling world of Silicon Valley startups, giving him firsthand experience in tech entrepreneurship and venture capital. Jordan's reports often focus on technology's impact on business, startup culture, and emerging

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